(a) (1) There is an Academic Excellence Fund. (2) The purpose of the Fund is to provide grants to address critical academic needs in schools, particularly those identified as low-performing. (3) The Department shall administer the Fund. (4) (i) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article. (ii) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. (5) (i) The Fund consists of: 1. Money appropriated in the State budget to the Fund; and 2. Any other money from any other source accepted for the benefit of the Fund. (ii) Money from the Blueprint for Maryland's Future Fund established under § 5-206 of this article may not be transferred into the Fund. (6) The Fund may be used only for grants to county boards, institutions of higher education, nonprofit organizations, or other entities for the following purposes: (i) Contracts with vendors to provide services; (ii) Training and workshops; (iii) Program implementation; (iv) Administrative costs of the Program; (v) Program evaluation and reporting; and (vi) Any other costs approved by the Department. (7) (i) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. (ii) Any interest earnings of the Fund shall be credited to the Blueprint for Maryland's Future Fund under § 5-206 of this article. (8) Expenditures from the Fund may be made only in accordance with the State budget. (b) Each year, the Department shall collect the following data: (1) The total amount of money disbursed from the Fund, disaggregated by county; and (2) The total number of schools served by the Fund.
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